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Denver's 1001 17th St. tower under contract for $217 million

A Massachusetts-based company has agreed to purchase a downtown Denver office building for $217 million, a deal that, if closed, would rank as the city's largest commercial purchase in 2013.

Franklin Street Properties, headquartered in Wakefield, Mass., hopes to close the deal with the current owner, Denver-based Miller Global Properties, by Aug. 28, according to a Securities and Exchange Commission filing submitted Tuesday.

The property is a 20-story, 655,000 rentable-square-foot, Class A office building located at 1001 17th Street between Arapahoe and Curtis Streets.

"It is a major transaction for Denver and for the (Central Business District)," said Sherman Miller, executive director of the University of Colorado Real Estate Center. "The CBD is an exceptional market right now — a lot of capital chasing few deals."

Quiznos, PING, FTI Consulting, Newfield, WPX, Hall & Evans and Core Site are the building's primary tenants, according to the filing.

The purchase of the 17th Street property would add a second downtown Denver office space to the company's portfolio, which already includes the 43-story 1999 Broadway tower.

The company's plans for the office building won't be revealed until the deal closes.

"As much as I love to talk shop, with our public status, I can't editorialize on anything other than what is in that SEC filing," said Jeffrey Carter, executive vice president and chief investment officer at Franklin.

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The seller, Miller Global, could not be reached for comment on the deal. In addition to 1001 17th Street, Miller owns Point at Inverness, a 186,945-square-foot, class "A" office building in Englewood.

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